A real estate investment trust that owns, manages, and develops apartment communities across the United States. It was co-founded in Houston by Ric Campo and Keith Oden and went public in 1993; the name "Camden" blends their surnames, Campo and Oden. The company has been named a FORTUNE 100 Best Company to Work For for 18 consecutive years.
Same-store NOI fell 1.4% as expense growth outpaced flat revenue, while a $53M litigation settlement and a prior-year gain absence drove net income down 77%.
Same-store turned negative for a second straight quarter, falling 1.4%. dropped 77% to $18.8 million as a $47.3 million property sale gain from a year ago did not repeat, rose, and a $53.0 million litigation settlement weighed on results. The core portfolio is under pressure from rising costs, even as the company reshapes its footprint with a $1.6 billion California portfolio sale completed just after the quarter.
Key takeaways
Same-store property declined 1.4% , as a 2.4% increase in expenses—driven by higher salaries, utilities, and real estate taxes—more than erased flat same-store .
fell 76.7% to $18.8 million from $80.7 million a year earlier, primarily because the prior-year quarter included a $47.3 million gain on the sale of Camden Midtown in Houston that did not recur.
A $53.0 million for a pending class action litigation settlement and a $4.9 million technology investment were recognized in the first half of 2026, pushing other non-operating expenses up by $57.4 million.
Section summaries
Management's Discussion and Analysis
Q2 2026 net income fell to $18.8M from $80.7M, driven by a prior-year gain, higher interest, and a $53M litigation settlement.
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Same-store property declined 1.4% in Q2, as a 2.4% rise in expenses (salaries, utilities, taxes) outpaced flat revenues.
Non-same-store and lease-up grew $5.7M in Q2, fueled by 2025 and 2026 acquisitions and the lease-up of a Raleigh property.
Non-same-store and grew by $5.7 million, fueled by operating property acquisitions completed in 2025 and 2026 and the lease-up of a development property in Raleigh.
rose $6.0 million , reflecting higher borrowings under the commercial paper program and the issuance of $600 million in 4.90% senior notes due 2036.
The company repurchased $302.1 million in common shares during the first half of 2026 under a new $600 million authorization, and completed the sale of 11 California properties for $1.6 billion in July 2026, after the quarter ended.
What changed
Same-store turned negative in Q1 2026 and the decline deepened to 1.4% in Q2, confirming the risk flagged in prior quarters that expense growth would outpace gains and push same-store NOI into negative territory.
The 2.4% rise in same-store expenses this quarter marks an acceleration from the 1.9% increase in Q1 2026 and the 1.7% full-year 2025 rate, with salaries, utilities, and real estate taxes remaining the primary drivers.
The $53.0 million litigation settlement , recorded in Q1 2026, is a new development not flagged in earlier filings and represents a material non-operating charge that affected first-half results.
Share repurchases accelerated sharply to $302.1 million in the first half of 2026 from $50.0 million in all of 2025, funded in part by the $600 million note issuance, which pushed up 26.7% to $4.85 billion.
The $1.6 billion sale of 11 California properties in July 2026, disclosed in this filing, represents a major portfolio reshaping that was not anticipated in prior quarters and will significantly alter the company's geographic mix and capital structure going forward.
What to watch
Whether same-store declines moderate or deepen in the second half of 2026, and whether the 2.4% expense growth rate persists, given that salaries, utilities, and real estate taxes have been the consistent drivers.
The final terms and any additional financial impact of the class action litigation settlement beyond the $53.0 million already recorded.
How the $1.6 billion in proceeds from the July 2026 California portfolio sale are deployed—whether toward debt reduction, further share repurchases, or new acquisitions—and the effect on and ratios.
The pace of at the four properties under construction and whether their contribution grows enough to offset the decline in the same-store portfolio, particularly after the California sale removes those properties from the portfolio.
dropped sharply due to a $47.3M gain on sale in Q2 2025, a $6.0M increase in , and $5.0M in higher .
A $53.0M class action settlement (RealPage) and a $4.9M technology charge were recognized in H1 2026, driving a $57.4M spike in other non-operating expenses.
Liquidity remains strong with $842.7M available on the , supplemented by a new $350M term loan and $1.6B in proceeds from the July sale of 11 California properties.
The company repurchased $302.1M in shares under a new $600M plan and issued $600M in 4.90% senior notes due 2036.
We incorporate by reference into this Item our litigation disclosures made in Note 9. "Commitments and Contingencies" to our Condensed Consolidated Financial Statements.
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We incorporate by reference into this Item our litigation disclosures made in Note 9. "Commitments and Contingencies" to our Condensed Consolidated Financial Statements.
There have been no material changes to the Risk Factors previously disclosed in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025.
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There have been no material changes to the Risk Factors previously disclosed in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025.